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Oregon Diminished Value Claim

In the state of Oregon, if you are in a auto wreck and the accident was not your fault you are entitled to file a claim for Diminished Value. Simply Call NOW for a FAST FREE Consultation about your Diminished Value Claim (877) 655-1661. Autoloss provides a demand letter referencing ORS 20.080 to aid in your diminished value claim.

Diminished Value in Oregon

The following cases are pertinent to the State of Oregon and Diminished Value:

In Jose Gonzales v. Farmers Insurance Company of Oregon the Oregon Supreme Court rules that insurance consumers can collect for diminished value under their own policy unless it is specifically excluded.

Here is an excerpt from that ruling:

Jose Gonzales vs. Farmers Insurance Company of Oregon
Jose Gonzales v. Farmers Insurance Company of Oregon, et al., (TC 9910-11479) (CA A128598) (SC S054486)

On review from the Court of Appeals in an appeal from the Multnomah County Circuit Court, Frank L. Bearden, Judge. 210 Or App 54, 150 P3d 20 (2006). The decision of the Court of Appeals is affirmed. The judgment of the circuit court is reversed, and the case is remanded to the circuit court for further proceedings. Opinion of the Court by Justice Robert D. Durham.

Today, the Oregon Supreme Court interpreted a collision insurance policy and concluded that that particular policy’s use of the term “repair” obligated the insurer to restore a damaged insured vehicle to its condition prior to the collision, or to compensate the insured for any reduction of the vehicle’s value resulting from the collision.

Defendants Farmers Insurance Company of Oregon, Farmers Insurance Exchange, Farmers Group, Inc., and Mid-Century Insurance Company issued an automobile insurance policy to plaintiff Jose Gonzales. Plaintiff’s vehicle suffered damage in an accident, and defendants paid for repairs, but the repairs did not restore the vehicle to its pre-accident condition. Plaintiff filed suit against defendants to recover compensation for the diminished value of his vehicle. Defendants acknowledged that the policy obligated them to “repair or replace” the vehicle, but argued that the term “repair” did not incorporate a duty to pay for a loss in value. The trial court agreed, and granted summary judgment to defendants. The Court of Appeals reversed and held that, under the terms of the policy, defendants were obligated to compensate plaintiff for his vehicle’s diminution in value due to the accident.

Dunmire Motor Company v. Oregon Mutual Fire Insurance Company, 166 Ore 690 (1941) the Oregon Supreme Court ruled that the insured was entitled to the difference between the pre and post-loss value of the vehicle and the proper repair of the car may not accomplish this result.

In Millers Mutual Fire Insurance Co. v. Wildish Construction Co., 306 Or. 102, 758 P.2d 836 (Or. 07/06/1988) the court found that with regard to real property the cost of repair is a more accurate measure of damages than diminution of value.

About Diminished Value Claims

Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:

1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.

2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.

3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.

Auto Appraisals

When you need to know the true value of your vehicle, an auto appraisal by a professional at AutoLoss can help to make sure that you receive the best value for your unique vehicle. An auto appraisal takes into account the full history of the vehicle and provides you with an expert opinion on the vehicle’s value that you can then present to the bank, credit union, potential buyers, and insurance companies. There are many reasons as to why an individual may need an auto appraisal, which is why company’s such as AutoLoss provide a variety of Auto Appraisals.

A Stated Value Appraisal can help to establish the true market value of a vehicle that may be required from a bank, credit union, or insurance company. A Loss of Use Appraisal helps to value a business’ vehicle that has been involved in an accident but was necessary for business operations. This type of auto loss appraisal can help recover the value of the vehicle’s service to business. A Lease Termination Appraisal is best for individuals looking to get out of a lease early, and are determined by the vehicle, the market, and miles on the vehicle. Luxury Automobile Appraisals are another type of Auto Appraisal that help protect an individual’s investment. This type of appraisal ensures that the full value of the luxury vehicle is realized and proven. Auto Appraisals are also valuable for individuals looking to donate their car for tax write off purposes.

Total Loss Appraisals

When your vehicle is considered a “total loss”, the insurance company may make you an offer that is less than your desired amount. “Total Loss” of a vehicle refers to when the cost to repair the vehicle exceeds the cost of the vehicle’s worth. After damages occur, an insurance company may make you an offer for the cash value of the totaled vehicle minus your deductible on your comprehensive or collision coverage. A Total Loss Appraisal will ensure that this offer from the insurance company is accurate and provides you with the best value for your damaged vehicle.

FAQ’s

Do I need an appraisal to purchase a vehicle?

Sometimes! Banks, credit unions and individual lenders may require an independent appraisal to establish the true market value of the vehicle you are planning to buy.

When is the vehicle considered “totaled?”

These considerations vary from state-to-state, but to give you an idea, here is a basic rundown in Autoloss’s home state of Oregon:

A vehicle that is declared a Total Loss by an insurer who is obligated to cover the loss. Also, a vehicle that the insurer takes possession of or title to.

A vehicle that has sustained damage that is not covered by an insurer and the estimated cost to repair the vehicle is equal to at least 80% of the retail market value prior to the damage. “Retail market value” is defined as the amount shown in publications used by financial institutions (eg. banks, lenders) in this state.

A vehicle that is stolen, if it is not recovered within 30 days of theft and the loss is not covered by an insurer. In this situation, you must notify DMV within 60 days of the theft.

Do I have to sell my vehicle to make a diminished value claim?

No! Whether you want to sell your repaired vehicle right away, or 10 years after the claim is your business. The drop in value occurs immediately, and you are entitled to be compensated immediately.

In order to recover the losses you must have a diminished value appraisal completed by a professional automobile appraisal company, such as Autoloss. Also, if the other party does not have insurance and you carry uninsured/ underinsured motorist coverage you may be able to claim diminished value under your policy. Autoloss can help the Oregon Consumer in many ways. Autoloss’s Corporate Headquarters is in Oregon. CEO Monica Fisher is a licensed Oregon Automobile Appraiser. Call 877-655-1661 so Autoloss can help you recover your losses today. Also, the statue of limitations for filing a diminished value claim in Oregon is 6 years from the date of loss.